The decision to sell your public relations firm can be a complex one, influenced by many factors. As a firm owner, selling your company is a decision that should be carefully considered and well thought out.
Once you’ve weighed your options, considered the possible consequences (positive and negative) and decided on selling, there are a number of steps you can take to ensure the sale of your PR firm is as successful as possible. Keep the following tips in mind before, during and after you initiate the selling process.
1. Plan Ahead
Our years of experience in the industry have taught us that planning far ahead is key, whether you’re planning to sell your PR firm or not. The top piece of advice we share with our clients here at Gould+Partners is to build their PR firms “as if” they plan to sell them. This means planning for a potential sale long before the sale will take place – perhaps even before you’ve realized you would ultimately like to sell the organization.
This “build to sell” mindset encourages firm owners to operate responsibly, be financially disciplined, and to develop the infrastructure necessary to make the firm appealing to buyers in the distant – or not-so-distant – future.
2. Continue Building Your Organization
Even after you’ve decided to sell your PR firm, it is beneficial to continue building the organization. By continuing to pursue opportunities to grow and expand your company, you’ll make your firm increasingly appealing to potential buyers. Adding customer contracts to maintain a diversified account base, hiring skilled staff to strengthen your team and taking advantage of other opportunities to expand and fortify your business can help you to position your business for a profitable, successful sale.
3. Know the Value of Your Company
There are many reasons to get a PR firm valuation. One of the most important reasons is to help firm owners to make informed decisions when it comes to selling their company. Having an accurate assessment of how much your firm is truly worth can help you immensely when determining an asking price for your business and deciding how much you will accept from a buyer.
4. Work with an Experienced PR Industry M&A Specialist
Working with an experienced mergers and acquisitions specialist familiar with the public relations industry can be beneficial when it comes to selling your PR firm for a number of reasons. It can help to ensure that your business has been properly valued, expose your company to well-qualified buyers, and help to make sure that your business is ultimately sold to the right buyer for a maximum price.
5. Wait for the Right Buyer
Once you’ve decided to sell your PR firm, you may be anxious to move forward and get the sale process moving. However, if you want to maximize your profits and earn a maximum return on your years of sweat equity in your organization, waiting for the right buyer is imperative. Finding a buyer willing to pay what your firm is truly worth and selling your PR firm at the ideal time takes patience, but it can make all the difference.